Q1 Result: Apollo Tyres Reports Net Profit Of INR 128 Crore

The tyremaker had reported a net loss of Rs 135 crore in the April-June period of last fiscal.

Home grown tyre major, Apollo Tyres has posted a consolidated net profit of INR 128 crore for the first quarter ended June 30. The tyremaker had reported a net loss of Rs 135 crore in the April-June period of last fiscal.

Revenue from operations for the quarter stood at INR 4,584 crores, as against INR 2,882 crore in the Q1 of 2020-21.

While the second wave of the pandemic did impact the operations, it was comparatively lesser than the first wave witnessed in Q1 last year. Both, Indian and European Operations performed well, with their revenues increasing 82% and 28% respectively, as compared to the first quarter last fiscal, said Apollo Tyres in a release.

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Commenting on the first quarter results, Onkar Kanwar, Chairman, Apollo Tyres Ltd said, “We have adapted to the new way of working amidst the pandemic. We were better prepared in the second wave, as compared to the first wave in Q1 last fiscal.”

“The performance reflects the resilience of the company, even as the employees across geographies worked like ‘One Family’ to help each other in the times of crisis. With the improving business sentiment and demand for our products, we are optimistic of continuing with our stellar performance across geographies.”

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